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55. Valuation of liabilities.- (1) In the winding up of an insurance company or in the insolvency of any other insurer the value of the assets and the liabilities of the insurer shall be ascertained in such manner and upon such basis as the liquidator or receiver in insolvency thinks fit, subject, so far as applicable, to the rule contained in the 11[Seventh Schedule] and to any directions which may be given by the 12[Tribunal]. (2) For the purposes of any reduction by the 1[Tribunal] of the amount of the contracts of any insurance company the value of the assets and liabilities of the company and all claims in respect of policies issued by it shall be ascertained in such manner and upon such basis as the 1[Tribunal] thinks proper having regard to the aforesaid. (3) The rule in the 2[Seventh Schedule] shall be of the same force and may be repealed, altered or amended as if it were a rule made in pursuance of 3[section 643 of the Companies Act, 1956 (1 of 1956)], and rules may be made under that section for the purpose of carrying into effect the provisions of this Act with respect to the winding up of insurance companies. 1. Ins. by Act 5 of 2015, s. 66 (w.e.f. 26-12-2014). 2. Subs. by Act 11 of 2003, s. 133 and the Schedule [serial No. 2 (b)], for "Court" (w.e.f. 1-4-2003). 3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). 4. Sub-clause (i) omitted by Act 5 of 2015, s. 66 (w.e.f. 26-12-2014). 5. Ins. by Act 13 of 1941, s. 37 (w.e.f. 8-4-1941). 6. Subs. by Act 62 or 1968, s. 23, for "the returns" (w.e.f. 1-6-1969). 7. Subs. by s. 23, ibid. for "company is insolvent" (w.e.f. 1-6-1969). 8. Ins. by s. 23, ibid. (w.e.f. 1-6-1969). 9. Ins. by Act 6 of 1946, s. 25 (w.e.f. 20-3-1946). 10. Subs. by Act 11 of 2003, s. 133 and the Schedule, for "Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 1-4-2003). 11. Subs. by Act 47 of 1950, s. 43, for "Sixth Schedule" (w.e.f. 1-9-1950). 12. Subs. by Act 11 of 2003, s. 133 and the Schedule [Serial no. 4 (a)], for "Court" (w.e.f. 1-4-2003).    |
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